The rise of Downtown San Jose
Downtown San Jose has seen a steady decline in vacancy as demand rises for office space.
January 08, 2020
- Downtown San Jose has seen a steady decline in vacancy as demand rises for office space. Companies such as Price Waterhouse Coopers, Adobe, Zoom, Nokia and The City of San Jose are large contributors to vacancy declines.
- There is 9.7 million s.f. of new development expected to be complete by 2024, and Google alone will provide 5.5 million s.f. of new office space. Google’s plans for Downtown will help to continue the transformation by adding new community benefits, 3-5k housing units and nearly 500k s.f. of retail space.
- With the emergence of Downtown San Jose’s social scene, addition of new housing units and planned extension of BART, Downtown has attracted a growing number of real estate investors. Investors have not hesitated and have spent more than $3 billion within the past 3 years acquiring new properties.
Source: JLL Research